The moat of a public chain lies not in financing, technology, or even the diversity of its ecosystem, but rather in its originality and the degree of oligopoly. The greater the originality and the higher the degree of oligopoly, the greater the moat effect. For example, The meme launchpad @pumpdotfun to @solana The decentralized prediction market @Polymarket to @0xPolygon The intent layer Near Intents to @NEARProtocol The Perp DEX @GMX_IO to @arbitrum This also explains why the high-performance public chains born in this cycle have such a short lifespan: the lack of a moat. #blockchain